The oil price intermediate of Texas (WTI) rose a slight 0.1% this Friday and closed at $73.77 a barrel, but ended with weekly losses.
At the close of business in NYthe futures contracts of the WTI for delivery in February they added 0.10 dollars with respect to the close of the previous day.
However, the price of black gold decreased by $6.49 compared to last week’s close.
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Investors fear that this year the economy The world is facing a recession due to the tough measures that world banks are implementing to curb inflation.
Another big concern on the part of investors is how the opening of China, which is the main importer of crude oil, will play out.
As of January 8, covid-19 will cease to be a category A disease in China, the level of maximum danger and for whose containment the most severe measures are required, to become a category B, which includes control more lax, thus marking in practice the end of the policy of ‘zero covid‘, dismantled by the authorities after protests broke out.
Meanwhile, energy demand is expected to double compared to last year for the upcoming trips vacation of the Lunar New Year.
However, the increase in cases of covid-19 in the Asian country could affect negatively to crude oil consumption and create bottlenecks in supply chains.
On the other hand, futures contracts for natural gas for February they lost 0.01 dollars, up to 3.71 dollars, and those of gasoline maturing the same month they lost $0.02 a gallon to $2.24.
Fuels in the DR
The Ministry of Industry, Commerce and MSMEs (MICM), reported that fuel prices for the week of January 7 to 13, 2023 will be as follows:
- Premium gasoline will be sold RD$293.60 per gallon
- Regular Gasoline RD$274.50 per gallon
- Regular Diesel RD$221.60 per gallon
- Optimum Diesel RD$241.10 per gallon
- Liquefied Petroleum Gas (LPG) RD$147.60 per gallon
- Natural Gas RD$28.97 per m3
The weekly average exchange rate is RD$56.30 from the daily publications of the Central Bank.